Ryanair posts record profit in 2016, decides to cut air fare
European budget carrier Ryanair has posted record full-year profits and rider figures, and expects both to hit new highs this summer amid fast growth and declining fares.
Monday's results for the year ending March 31 showed the Dublin-based airline strengthening on each front. Net profits before exceptional gains rose forty three per cent to one.24 billion euros ($1.4 billion), the percentage of seats oversubscribed rose five points to ninety three per cent, and total passengers for the year rose 18 per cent to 106.4 million.
Chief Executive archangel O'Leary says Ryanair expects average fares to fall seven per cent in this financial year amid redoubled competition and well-hedged fuel prices. He says Ryanair should carry one6 million passengers and record a minimum web 2017 profit of 1.38 billion euros, 11 per cent higher than Monday's incomparable high.
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